The Malaysian Automotive Association (MAA) has recorded positive growth in the nation’s total vehicle sales and production. From 58,032 units in Sept 2024, the Total Industry Volume (TIV) has increased by 20% to 69,859 units in Oct 2024. This increase also reflects the increase of TIV for the October year-to-date (YTD), which was 2.4% higher than Oct 2023 at 664,002 units.
Part-and-parcel of this TIV bounce back in Oct 2024 was due to the extensive year-end promotional campaigns and rebates given by car companies, which will likely go on until the end of the year. Apart from that, MAA also cited that Oct had a longer working month than Sept, which has directly contributed to this TIV increase.
Despite the increase in TIV, a further breakdown saw the Oct 2024 sales volume for both passenger and commercial vehicles have decreased by 6% and 26% at 64,332 units and 5,537 units, respectively, when compared to the sales figure in Oct 2023.
As for production, Oct 2024 saw a total of 71,196 vehicles being produced, which marks a 4% decrease compared to last year’s Oct total production volume of 74,191. Production YTD figures for Oct 2024, however, read positively, with a 4% increase compared to the similar corresponding period in 2023.
Looking ahead, MAA says sales momentum is expected to continue in Nov 2024, with sales volume expected to be higher than Oct 2024.
